Who made the gains in July? Here are the top ASX resources winners

The top 3 commodities for July include gold, lithium and copper
Infini Resources tops the charts for the biggest monthly stock gain
Labyrinth Resources soars on gold acquisition

Markets were as good as gold in July with the metal taking out the month’s top spot for BIGGEST commodity winner.

A total of five gold companies flew past the +100% mark as second-quarter gold demand hit record highs (up 4% year on year to 1,258t) and prices reached $2,450/oz on Friday.

The month was an improvement on May’s winners list, which saw just two stocks increase in value in triple digits and is a far cry from the biggest gains of June 2023, which saw 28 of the top 50 stocks holding lithium in their portfolios.

It seems analysts still have high hopes for gold, with Shaw and Partners upgrading price predictions almost 40% over the next 24 months from US$2250 in 2025 and US$2150 for 2026 up to US$3000 for both years.

The biggest driver right now is all the weak US economic data that reinforced expectations of Federal Reserve rate cuts while concerns of a broader conflict in the Middle East has kept gold’s appeal as a safe haven.

Here are the top 50 ASX resources stocks for the month of July>>>

Scroll or swipe to reveal table. Click headings to sort.

CODE	COMPANY	GAIN	PRICE	MARKET CAP	COMMODITY
WTM	Waratah Minerals Ltd	129%	0.275	$54,909,505.33	Gold
VPR	Voltgroupltd	100%	0.002	$21,432,416.42	Hydrogen/Renewables
VAR	Variscan Mines Ltd	40%	0.007	$2,996,002.58	Zinc
TX3	Trinex Minerals Ltd	50%	0.003	$5,485,956.87	Lithium
SVG	Savannah Goldfields	108%	0.027	$7,308,207.82	Gold
SRI	Sipa Resources Ltd	38%	0.018	$4,106,846.43	Gold
SLM	Solismineralsltd	42%	0.115	$8,849,718.05	Copper
RWD	Reward Minerals Ltd	60%	0.04	$8,886,272.38	Potash
RMX	Red Mount Min Ltd	50%	0.0015	$5,135,365.97	Lithium
RIM	Rimfire Pacific	68%	0.047	$110,131,251.74	Scandium
REZ	Resourc & En Grp Ltd	100%	0.022	$13,579,421.56	Gold
RDS	Redstone Resources	33%	0.004	$3,701,513.84	Copper
PUR	Pursuit Minerals	50%	0.003	$10,906,199.96	Lithium
PSL	Paterson Resources	80%	0.027	$12,313,022.73	Gold
PNT	Panthermetalsltd	50%	0.036	$3,137,981.83	Nickel
NAE	New Age Exploration	67%	0.005	$8,969,494.55	Gold
MOM	Moab Minerals Ltd	67%	0.005	$3,969,071.19	Uranium
MLM	Metallica Minerals	55%	0.034	$33,597,337.27	Silica sand
MAU	Magnetic Resources	25%	1.44	$402,000,000.00	Gold
M2M	Mtmalcolmminesnl	46%	0.038	$8,774,049.14	Gold
LSA	Lachlan Star Ltd	37%	0.07	$14,945,270.04	Gold
LRL	Labyrinth Resources	275%	0.015	$18,527,278.49	Gold
LM1	Leeuwin Metals Ltd	40%	0.073	$3,420,171.98	Lithium
KPO	Kalina Power Limited	33%	0.004	$9,945,576.05	Renewables
KLI	Killiresources	104%	0.094	$11,060,584.36	Gold
JAV	Javelin Minerals Ltd	33%	0.002	$8,553,692.36	Gold
JAL	Jameson Resources	62%	0.06	$29,343,847.32	Coal
IVZ	Invictus Energy Ltd	38%	0.087	$127,610,599.32	Oil and Gas
IEC	Intra Energy Corp	33%	0.002	$3,381,563.17	Lithium
I88	Infini Resources Ltd	358%	0.71	$26,968,160.75	Lithium/Uranium
HVY	Heavymineralslimited	43%	0.097	$6,107,700.74	Garnet
FEG	Far East Gold	35%	0.135	$34,774,222.73	Gold
ENT	Enterprise Metals	33%	0.004	$4,373,269.00	Gold
EEL	Enrg Elements Ltd	75%	0.0035	$2,019,930.06	Uranium
DUN	Dundasminerals	33%	0.028	$2,369,585.29	Gold
DRX	Diatreme Resources	42%	0.027	$130,287,407.18	Silica sand
CY5	Cygnus Metals Ltd	48%	0.062	$22,714,977.45	Lithium
CMG	Criticalmineralgrp	43%	0.2	$8,438,781.40	Vanadium
CAZ	Cazaly Resources	53%	0.026	$10,609,968.79	Lithium
AYM	Australia United Min	50%	0.003	$5,527,732.46	Gold
ASR	Asra Minerals Ltd	50%	0.006	$13,234,515.77	Gold
APC	Aust Potash Ltd	100%	0.002	$6,105,284.24	Rare earths/niobium
AOA	Ausmon Resources	50%	0.003	$3,176,998.03	Copper
ALR	Altairminerals	33%	0.004	$17,186,310.07	Copper
AL8	Alderan Resource Ltd	33%	0.004	$4,427,445.22	Lithium
AHN	Athena Resources	200%	0.006	$7,493,272.91	Iron ore
AAU	Antilles Gold Ltd	33%	0.004	$5,114,997.04	Gold
AAJ	Aruma Resources Ltd	67%	0.02	$3,740,938.61	Copper
A1G	African Gold Ltd.	43%	0.03	$8,133,334.17	Gold
SPR	Spartan Resources	28%	1.27	$1,400,000,000.00	Gold

Small Cap Standouts

Infini Resources (ASX:I88) +358%

Lithium/uranium explorer I88 rocked the charts last month when initial results from soil sampling at the Portland Creek uranium project pulled in 11,792ppm and then a second, even-better eye-watering peak grade of 74,997ppm.

The results were so rich in uranium they fell outside the detection limits of conventional technology with I88’s results sitting a casual ~9375 times higher than the normal ~8ppm U3O8 level.

A favourite stock pick of Lowell Resources Fund chief investment officer John Forwood, I88 only listed on the ASX seven months ago with a diverse portfolio of eight greenfields and brownfields projects in Tier 1 mining jurisdictions across Canada and WA.

It closed a $5.3m raise with funds to be used over its assets at a time when uranium headwinds worked in its favour.

From the lows of US$18/lb in 2018, uranium spot prices more than doubled from January 2023 to 2024, hitting a 16-year high of US$107/lb.

Although they’ve since pulled back, Tribeca’s Guy Keller believes prices have found a new base level above US$80/lb and wouldn’t be surprised to see them hit the US$100 – $120/lb range in Q3 and Q4 as utilities come back on in the Northern Hemisphere.

The results of a recent UAV survey at the Taulus prospect within the wider Portland Creek ground holding identified a prolific fault system and numerous magnetic anomalies within the highly prospective 3.2km long radiometric corridor.

I88 is now looking to get boots back on ground this month to complete its second, much larger geochemical sampling program, which will help to refine existing anomalies and potentially identify new ones to be fed into planning for a large diamond drill program.

Labyrinth Resources (ASX:LRL) +275%

Shares in LRL shot up last month after it entered a 12-month option to acquire the remaining 49% of the Comet Vale gold project from Sand Queen Gold Mines for $3m.

The acquisition reflected the company’s broader strategy to consolidate and grow underexplored high-grade gold mines across the Menzies, Leonora and Leinster corridor that are close to infrastructure.

Comet Vale resides in WA’s Goldfields region, one hour north of the Kalgoorlie township, and sits within the Bardoc Tectonic Zone and the Boulder Lefroy Fault that hosts the world-class Superpit mine.

The project is currently endowed with a resource of 96,000oz at 4.8 g/t gold but LRL plans to grow its inventory even further with high-priority work programs during the current quarter.

LRL also snapped up the Vivien gold project by acquiring private company Distilled, whose vendors Alex Hewlett and Kelvin Flynn boast experience in driving value creation for exploration companies including Red Dirt Metals (now Delta Lithium), Mineral Resources, Silver Lake and Wildcat Resources.

The Vivien project is a short 6km from South African mining major Gold Fields’ >250,000opzpa Agnew mine, previously owned by gold producer Ramelius Resources (ASX:RMS).

Athena Resources (ASX:AHN) +200%

AHN emerged out of the woodwork at the end of July with a boardroom shuffle that saw experienced mining executive John Welborn take on the role of non-exec chair and Garry Plowright appointed to non-exec director.

Those names might ring a bill with Fenix Resources (ASX:FEX) now a +30% major shareholder in AHN if it chooses to convert some notes.

FEX is led by Welborn, the former Wallabies, Waratahs and Western Force second rower who rose to prominence in the mining game at the helm of African goldie Resolute Mining (ASX:RSG).

At the time of the agreement, FEX said the funding would be used to assist AHN in completion of a scoping study at the 29.3Mt at 24.7% iron Byro Magnetite project in WA’s Mid-West region.

That study has since been released, highlighting a base case of 2.4Mt of magnetite ore per year, producing a coarse P100 -150um high-grade magnetite concentrate for the purposes of steel making at an average output of 720,000tpa (dry) and a grade of 70% Fe.

A mining schedule to deliver the 2.4Mtpa of ore was developed with a nominal mining target of 12Mtpa for the initial four years of the project, reducing to 4Mtpa for remaining years as waste strip requirements reduced.

To achieve this, it is estimated that pre-production funding of ~$150m including additional studies and before working capital will be required.